# SCB Private Banking: Thailand's first bank and the Julius Baer joint venture

> SCB Private Banking: tiers at THB 2m / 10m / 50m, the SCB–Julius Baer JV active since 2019, and DPA deposit protection of THB 1m.

Author: Dana Berzeg — Attorney-at-law, Family Office (https://wiki.private.law/en/authors/berzegova)
Last modified: 2026-10-20T13:33:00.000Z
Canonical: https://wiki.private.law/en/scb-private
Publisher: wiki.private.law (https://wiki.private.law)
Version: 4361d5b4d8e194a346eaabbee23038b3d013ffc223c58c55838313b6640581ad
Cite as: SCB Private Banking: Thailand's first bank and the Julius Baer joint venture. wiki.private.law. https://wiki.private.law/en/scb-private. Version 4361d5b4d8e194a346eaabbee23038b3d013ffc223c58c55838313b6640581ad.
Topics: banking
Jurisdictions: thailand, global
Functional tags: private-banking
Product tags: bank, wealth-planning, investment, lombard-credit, estate-planning
Semantic tags: private-banking, bank, wealth-planning, investment, lombard-credit, estate-planning

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## Concept

SCB Private Banking is the top tier of the SCB WEALTH ecosystem of Siam Commercial Bank (SCB), Thailand's first bank. The ecosystem is tiered: SCB PRIME — from THB 2m, SCB FIRST — from THB 10m, and SCB PRIVATE BANKING — from THB 50m. Ultra-high-net-worth (UHNW) clients are served by a separate joint venture, SCB-Julius Baer Securities Co., Ltd. (SCBJB): SCB 60%, Julius Baer 40%.

## History and evolution

- **30 January 1907** — founded by royal charter; the first Thai bank (precursor: the “Book Club”, 1904).
- **2017** — Wealth Transformation strategy launched.
- **8 March 2018** — Julius Baer joint venture signed, initial capital THB 1.8bn.
- **April 2019** — JV licensed and launched.
- **27 April 2022** — holding company SCB X PCL listed on the SET; the bank was delisted.
- **2022–2026** — build-out of CardX, AutoX and MONIX.
- **June 2025** — virtual-bank licence won with KakaoBank and KT; launch planned for 2026.
> 🍓 Deposit protection: the Deposit Protection Agency (DPA) covers up to THB 1,000,000 per depositor per financial institution (since 11 August 2021); THB deposits only. Mutual funds, bonds and brokerage assets (including SCBJB) are not covered.

## Regulation

SCB is supervised by the Bank of Thailand (BOT) and the SEC of Thailand; the bank is 99.56% owned by SCB X PCL and has been unlisted since April 2022. SCBJB is licensed by the SEC of Thailand. Compliance history: the 2019 annual report disclosed BOT fines of THB 3,210,000 and THB 2,805,000 (2017–2018 breaches of the Financial Institutions Business Act) and THB 5,007,500 (2019, mortgage-loan misclassification and a data-submission error; rectified). Published reports, not yet verified against a primary source, state that on 15 December 2025 the SEC of Thailand fined the bank THB 176,000 for fund-advertising rules. Context: Thai FIBA fines are statutorily small.

## Source of wealth

Client wealth traditionally stems from old Sino-Thai merchant families, business owners, professionals and senior executives. A named SCBJB focus for 2026 is multi-generational wealth transfer (the Great Wealth Transfer). [Source of funds](https://wiki.private.law/source-of-funds) verification is part of standard onboarding.

> 💡 Entry thresholds: SCB PRIME — from THB 2m; SCB FIRST — from THB 10m (privileges split into 10–30m and 30–50m sub-bands); SCB PRIVATE BANKING — from THB 50m.

## Who it serves

Affluent Thai clients: over 500,000 wealth customers across all tiers as of February 2025. The UHNW segment is served via SCBJB with onshore and offshore booking, leveraging Julius Baer's international platform.

## Services

- dedicated RM plus CIO-office advisory;
- discretionary portfolio management and private fund management (Best Domestic Private Bank — Discretionary Portfolio, Asian Private Banker);
- structured products — #1 sales in Thailand four consecutive years to 2024;
- open architecture (~35 partners);
- [lombard lending](https://wiki.private.law/lombard-lending) — the bank claims the #1 wealth-lending position via bank channels;
- bancassurance;
- estate and legacy planning via SCBJB (multi-generational Wealth Planning Series, 2026);
- digital advisory: AI Advisory Chatbot, WEALTH4U;
- “No Gain No Pay” fund fee model (2024); BlackRock partnership (2025).
## Entities

| Jurisdiction | Legal entity | Form and supervision | Role |
| --- | --- | --- | --- |
| Thailand | The Siam Commercial Bank PCL | Bank; supervised by BOT and SEC Thailand; 99.56% owned by SCBX | Core private-banking entity |
| Thailand | SCB X PCL | Holding company, SET-listed (ticker SCB, since 27 April 2022) | Group holding company |
| Thailand | SCB-Julius Baer Securities Co., Ltd. | 60/40 JV; licensed by SEC Thailand | UHNW segment, onshore and offshore booking |
| Singapore, Hong Kong, Shanghai, Vientiane, Ho Chi Minh City, Cayman Islands | SCB branches | Overseas branches | Offshore servicing via the Singapore branch and the SCBJB / Julius Baer platform |
| Cambodia, Myanmar | Cambodian Commercial Bank; SCB Myanmar | Subsidiary banks | Regional presence |

## Strengths

- Thailand's first bank (1907), #4 by assets: SCBX FY2025 net profit THB 47,488m (+8.1%), total assets THB 3,650.7bn, CET1 17.8%.
- Wealth contributes 5.8% of SCB operating income (2025) — the highest share among the big four, as reported by CGSI.
- The Julius Baer JV has operated since April 2019; 2025 was a record year: AUM +16% YoY, revenue +26% \[2025 annual report\]. Best International Private Bank Thailand awards (Asian Private Banker, 2022–2024).
- The bank claims the #1 wealth position via bank channels and targets #1 overall by end-2026.
- Historical group wealth AUM of around THB 2tn (~12% market share), according to a 2021 statement.
## Where it falls short

- Deposit insurance is capped at THB 1m and does not extend to investment assets.
- Offshore booking is available only via the Singapore branch or the Julius Baer platform.
- Compliance history includes documented BOT and SEC fines (small in size, but public).
- Leadership transitions are in progress: SCB CEO Kris Chantanotoke serves until 30 April 2026, with Sarut Ruttanaporn taking over on 1 May 2026; 2026 is the final year for SCBX group CEO Arthid Nanthawithaya (succession underway).
SCB Private Banking is Thailand's most deeply institutionalised wealth business: from mass-affluent tiers to UHNW clients via the Julius Baer JV, backed by the scale of the country's first bank and a growing share of wealth income.

## Q/A

### What is the entry threshold for SCB Private Banking?

The full SCB PRIVATE BANKING tier starts at THB 50m; below it sit SCB PRIME (from THB 2m) and SCB FIRST (from THB 10m).

### Is the Julius Baer joint venture still active?

Yes. SCBJB (SCB 60% / Julius Baer 40%) has operated since April 2019 and remains active as of 2026; 2025 was a record year for AUM (+16%) and revenue (+26%). SCBJB CEO is Adrian Mazenauer (since 4 February 2025).

### Are assets at SCB Private Banking insured?

Only THB deposits — up to THB 1,000,000 per depositor per institution (DPA, since 11 August 2021). Funds, bonds and brokerage assets, including SCBJB holdings, are not covered.

### Who leads SCB's wealth business?

Sornchai Suneta is Head of Wealth & Investment Product and CIO of SCB Wealth; Lalitphat Toranavikrai is FEVP Private Banking Function and an SCBJB director. Bank CEO until 30 April 2026 is Kris Chantanotoke, succeeded by Sarut Ruttanaporn.

### How does SCB differ from other Thai banks in wealth?

It has the highest wealth-income share among the big four (5.8% of operating income in 2025, per CGSI) and the only active JV with a global private bank — Julius Baer.

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